UK intellectual property group, Tekcapital (AIM:TEK) said that its portfolio company, Salarius, has signed an agreement with iLevel Brands as part of its recently announced North American sales deal for its low sodium snack line, SaltMe!®.
The AIM-listed firm said the agreement will expand Salarius’ market penetration and brand awareness for SaltMe!® with retail brand placements across the United States area.
Specifically, the placements will operate across the entire East Coast, Midwest and Southwest geographic areas of the United States.
The news follows the group’s previously announced distribution agreement on 2 March 2020 which detailed an agreement with one of North America’s largest natural food wholesalers.
"iLevel Brands is proud to partner with Salarius. They have created a groundbreaking and innovative solution to the challenges of sodium reduction in formulations,” said David Abrahams, CEO of iLevel Brands.
Shares in Tekcapital were trading flat at 4.5p during Wednesday trading.
He added, “We prefer representing brands like SaltMe!® because they have created a new and innovative solution to an important problem in the industry and their growth potential is unlimited.”
SaltMe!® are an all natural potato crisp product made with MicroSalt®, Salarius' proprietary salt with micron-size salt particles which contain approximately 50% less sodium than regular salt.
According to market research, the global savory snacks market is expected to reach a value of US$108 billion by 2021.
"We are very excited about our alliance with iLevel Brands which will enable us to present our new innovative brand SaltMe!® full flavor- low sodium snacks to numerous distributors and retailers in an accelerated time frame," said Victor Hugo Manzanilla, Chief Executive of Salarius.
Last month, Salarius executives exercised stock options resulting in the reduction of Tekcapital's ownership from 97.5% to 91.7% of share capital.
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